Buying a property at auction

Buying a property at auction is an efficient, stress-free way to obtain assets without the challenges that can sometimes come with private sales. Whether you’re interested in a specific piece of land or you’d like to secure a development property, our property auction process is straightforward and easy to get involved with. 

Cheffins is one of the largest property auction houses in East Anglia, with property auctions taking place four times a year from our dedicated auction house based in the heart of Cambridge on Clifton Road. If you’re interested in buying property at auction, register your details and join our next event. 

How do I bid at a property auction?

Understanding the property auction process is an important first step, and bidding with us is very simple. You have four methods to choose from:

1. Online: view the auction live and bid from the comfort of your own home

2. Proxy bid: instruct the auctioneer prior to the auction to bid on your behalf up to a maximum bid  

3. Telephone: one of our auction team will call you live from the auction room and take instructions to bid on your behalf

4. In person: join us at our dedicated Cambridge auction house, where you’ll be able to find out more about the lot and take part in the auction as it happens

How to register before the auction:

Before you can buy a property at auction, we’ll need you to register with our auctioneers. This is a simple process that will ensure your bid goes through without any issues:

1. First, register your preferred method of bidding with the auction team at least 48 hours before the auction starts. You can do this by clicking here, by emailing us at [email protected] or by calling us on 01223 213777.

2. Then, submit your security deposit 48 hours prior to the auction. This will be 10% of the guide price (subject to a minimum of £3,000) if paying by bank transfer, or a £7,500 hold on debit card if using Opayo online registration system. 

3. If paying the deposit by transfer, please transfer the bidder security amount to Cheffins Clients Account, 20-17-68, 03914062, using the lot number and your Surname as reference. 

4. We will also ask you to verify your identity by providing us with copies of personal documents such as a passport, driving licence, bank statement, utility bill etc.

Please note that we cannot authorise your bid until we have your completed registration forms and personal identification documents.

Register for upcoming auctions

What happens on auction day? 

When auction day comes around, the exact property auction process you’ll follow will vary depending on how you’re bidding: 

• Bidding online: before the auction, you will be sent an email from the Essential Information Group (EIG) property auction portal, containing a link to the auction. EIG is the platform on which our live webcast auctions and timed online property auctions are hosted. We recommend that you have a stable internet connection. You will be able to see a live feed of the auction room and be able to place your bid on the properties of interest to you in real time.

• Telephone bidding: please ensure that the contact number you have provided to us has a good signal and that you are freely contactable for the duration of the auction. A member of the Cheffins auction team will contact you a few minutes before the bidding starts on the relevant lot. Your allocated Cheffins bidder will then relay the bids to you in real time and take instructions from you as to how much you want to bid.

• In-room bidding: Our quarterly auctions take place in our purpose-built auction room in our Cambridge office. Bidders are welcome to attend the auction in person, where they will be given a bidder number on arrival and get the full auction experience when they bid in the auction room.

Winning bids and payment

If your bid wins, you’ll need to pay a deposit before leaving the auction. This is typically 10% of the final bid price (subject to a minimum of £3,000), and if the deposit is more than the security payment held, the additional amount is required within 24hrs of the auction. 

You’ll also be required to pay a buyer’s contract fee, which will vary depending on the final price you paid for the lot:

The Completion Date is the date specified in the Special Conditions, or if no date is specified, 20 business days after the contract date as per the Common Auction Conditions. For full details about the bidding process and associated fees, contracts, and legal documents, download our Important Buyers’ Information pamphlet.